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Home My WebLink AboutJaykers Return Letter of Credit LandscapingE IDIAN--- ~~ ~ a ~r. April 28, 2009 Attn: Richard Mayeda Bank of the Cascades 121 North 9~h Street Boise, ID 83702 MayorTammy de Weerd City Council Members: Keith Bird Joe Borton Charles Rountree David Zaremba Re: Release of Letter of Credit No. 597 (Jaykers Sub. -Landscaping) for Treehaven LLC After a site inspection and review of the above referenced project by the Planning Department and the Public Works Department, it has been determined to release the Letter of Credit in the original amount of $1,586,483.80 to you for the completion of landscaping. Please use this letter as authorization for Bank of the Cascades to release the Letter of Credit No. 597. If you have any questions, please contact me at (208) 888-4433. Thank you for your cooperation. Sincerely, Jaycee L. Holman City Clerk Enclosure rF// BANK OF 7HE CASCADES IRREVOCABLE STANDBY LETTER OF CREDIT Irrevocable Standby Letter of Credit No. 597 Date: June 3, 2008 Expiration: June 3, 2009 At the counters of: Bank of the Cascades 121 North 9`" Street, Boise, ID 83702 City of Meridian 660 Eas[ Water[ower, Suite 200 Meridian, ID 83642 To Whom It May Concern Bank of the Cascades [the Bank] hereby establishes in favor of City of Meridian, the Beneficiary, for the account of Treehaven, LLC, the Applicant, our Irrevocable Standby Letter of Credit in the amount of One Million, Five Hundred Eighty-Six Thousand, Four Hundred Eighty-Three Dollars and Eighty Cents in United States Dollars ($1,586,483.SOUSD) available by immediate payment upon presentation of Beneficiary's sight draft drawn on Bank of the Cascades in an amount not exceeding the credit hereby established during the dates of June 3, 2008 through June 3, 2009. Surety Reduction Inspection(s): The Bank's understanding is that the outstanding liability of this Letter of Credit will be reduced as the covered improvements are completed to the Beneficiazy's satisfaction by its Surety Reduction Inspection process. Partial drawings aze permitted. Reimbursement Instructions: Sight drafts drawn under this Letter of Credit must bear the clause: "Drawn under Bank of the Cascades, Irrevocable Standby Letter of Credit No. 597 dated June 3, 2008". Beneficiary's sight drafts must also be accompanied by the following conforming documents: 1. A statement purportedly signed by an authorized individual of the beneficiary stating that the amount of draft drawn represents funds due the City of Meridian due to the failure of Treehaven, LLC to complete the landscaping in Jayker Subdivision, Ada County, Idaho. 2. The original of this Letter of Credit and any subsequent amendments. The Bank hereby promises to Beneficiary that any sight drafts drawn under the terms of this Letter of Credit will be duly honored if presented to the Boise Downtown Branch of Bank of the Cascades at 121 North 9`" Street, Boise, ID 83702, along with the required conforming documents, by June 3, 2009. Except so far as otherwise stated herein, this letter of credit is subject to the International Standby Practices (ISP 98), Intemational amber of Co rce Publication No. 590. Bank of th ascs£d !2 ~ June 2, 2008 Richa d a da, Senior V `'resid nt Date SERVING COMMUNITIES IN OREGON AND IDAHO / wwW.bOLC.eom NASDAO: CAGB BANK OF THE CASCADES Letter of Credit Amendment Irrevocable Standby Letter of Credit Number 597 Amendment Number 1 December 26, 2008 Beneficiary: City of Meridian 660 East Watertower, Ste 200 Meridian, ID 83642 Bank of the Cascades hereby amends the language of our Irrevocable Standby Letter of Credit Number 597 as follows: From: $1,586,483.80. To: $94,231.50. All other terms and conditions of the Letter of Credit remain unchanged. BANK OF THE CASCADES By: Steve Nielson, S m r ice President SERVING COMMUNITIES IN OREGON AND IDAHO / WWW.bo[LCOfn NASDAO: CACB SURETY SPREADSHEET Project Name: JAYKERS SUBD #1 (land) Date Compiled: 6/24/2008 Letter of CretliVeond No.: 597 Issued By: Bank of Cascades Expiration Date: 6/3/2009 Check No Sanitary Sewer -internal $0.00 Sanitary Sewer-offsite $0.00 Water-internal I $0.00 water- Offsite -~~l $0.00 Street Lights $0.00 Landscaping ~', $1.442,258.00 $144,225.80 ~ PathwaYS ~ ~ .~ $0.00 Fencing $0.00 Tiling -__ _ $0.00 Pressurizetl Irrigation $0.00 Gravity Irrigation $0.00 Other: $0.00 _ __ _.~ $0.00 $0.00 $0.00 1L: $1,442,258.00 $144,225.80 Authorized reduction BALANCE TO REMAIN: Party Responsible Date Signed Off/ Surety For Sign-Off Person Comments $0.00 Public Works $0.00 _ ~ ~~ ~ $0.00 Public Works ~ $0.00 Public Works _ _ ~ I $0.00 Building $1,586,483.80 PZ 4/27/098P reaucerosazaiso per as _. 12123/08 _ __ ~ $0.00 PZ ._ I $0.00 PZ _._ __._. __i $0.00 PZ ___ $0.00 NMID $0.00 NMID $0.00 PW $0.00 $0.00 $0.00 1492252.3 as of 12/23/08 kg $94,231.50 received reduction 7/7/09 kg SURETY SPREADSHEET Project Name: JAYKERS SUBD #1 (land) Date Compiled: 6/24/20011 Letter of CrediVBontl No.: 597 Issued By: Bank of Cascades Expiration Date: 61312009 Check No Party Responsible Date Signed Off/ Jnfinished Partial Sure For Si n-Off Person Sanitary Sewer -internal I _ _. $0.00 $O.OO Public WOrks ___ 'Sanitary Sewer-offsite '~ $0.00 $0.00 Water-mtemal $0.00 $0 00, Public Works .Water- Offsite I, Street Lights $0.00 $0.00 - - $0 00 $000 Public Works Budding Landscaping $1,442,259.00 $144,225.80 $1,586,483.60 PZ ~ .e to E231 SJ oe~ 0P ,;,,_„ Pathways ~ $0.00 $0 00 PZ Fencing $0.00 $0 00 PZ Tilin $0 00 i $0 00 PZ g Pressurized Irrigation $0.00 $O.OO NMID '~.. '~. Grawrylrrigation $000 NMID $0.001 Other. ~ _.. t _ _. _ _ _ _ _ _-~ $000 I $000 PW _.. _ _ + _.. _. _ _T _ __ _.. 00 _- _. _ $0.00 0 $ ~ _ . _. $0.00 $000 i $0.00 $0.00 Authorized reduction 1492252.3 as of 12/23/08 kg BALANCE TO REMAIN: $94,231.50 received reduction 7/7/09 kg ,`ly 1 +r a- `S 'S~;y ~ .,'~S''S ,, ii' ` #~ .~~~ l(y~..~ U~-`~.~tSl U d `O a m 0 O N N h h Q O Q d N ~I a m~ Y~ ~ ~I ~I ~ I m ~ ~ ~, ~ °i w w w _ ~l N N N'., N I J J ,. J O ~ Q ~ ~ ~ O O ~~'.Y F O' O~F H Fl r ... y > > > n ~ U U Ui U' ~ a , ~> ,O >~ ~'~ 0~, ~' 0 ~ a N ~ N xs , a,a a''az z z m a a co o oo o~~n ~ o v''o o M O O O O ' 1~ O O'. 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N J L.L O U O F' a Memo To: Jaycee Holman From: Karie Glenn CC: File, Karie, P & Z Staff Date: 6/24/08 Re: Jayker Subdivision #1 Clint Dolsby has signed the plat for the above project and I am forwarding it to you for your signature. Based on our research of the project files, all conditions imposed by the Public Works Department and City Council have been met. I am also forwarding five original letters of credit No. 597, 598, 599, 600, & 601 (Bank of Cascades -dated 6/3/08 for a combined total of $6,830,505.54. These represent surety for items, and in amounts, listed on the attached spreadsheet. Please call Barry Semple w/ RiveRidge Engineering @ 344-1180 when the plat is ready to be picked up. Please call me if you have any questions. Thank you. "'Final Plat was approved by City Council on: October 26, 2007 Fmm the desk of... Karie A Glenn Dept Specialist Supervisrr Meriden Public Works Department 660 E. WatcMwer Iarre, Swie 200 Meridian Idaho 83642 (208)898-5500 Fax: (208) 898-9551 • Page 1 gtetn,k u)meridiarici~l .c. v~